Hi all, I'm looking at a deal in the B2C services space with good EBITDA margins and minimal capex. There's no interest and minimal depreciation so the tax impact is pretty high which reduces cash flow. Let's assume there's no working capital needs. I'm wondering how people look at valuing such deals - traditionally people quote multiple of EBITDA but in this case, if I pay say 5X EBITDA, it'll be more like 6.5-7X post-tax cash flow. I understand everything is a negotiation, but trying to understand how 1) acquirers, 2) equity investors and 3) banks think about numbers for such deals.

Thank you!